Top Priorities for Reducing Inventory Loss
Loss of inventory costs Quick Service Restaurants lots of money every year. What should your operational priorities be to lower the impact of inventory shrinkage? Let’s look at some of the areas that you should prioritize in order to reduce shrinkage and loss.
Preventing Loss Through Waste
Food waste is an insidious source of loss in QSR operations. Undocumented waste of raw and cooked product, poor cooking techniques and ineffective inventory control can be a serious drain on profits. Control the hidden costs of waste by more closely monitoring how product is delivered to your restaurant, who has access to walk-in freezers and other storage areas, and how efficiently product is utilized in your kitchens.
Investing in Loss Prevention
Investing in loss prevention technology and policies are more important than ever simply because our industry is getting to be more successful. Just this month, McDonald’s, Wendy’s Co. and Burger King all registered increased sales and those improvements are starting to get Wall Street’s attention. But QSRs won’t be able to double down and expand if shrinkage and loss start to eat into profits.
This all means that it is an ideal time to invest in advanced video surveillance platforms that use on-board analytics and audit software to track inventory, monitor employee behavior, and recognize patterns in unusual point-of-sale transactions.
Analyzing Point-of-Sale Transactions
By combining the power of video surveillance with software that can track and record unusual point-of-sale transactions, managers and loss prevention specialists can not only reduce losses but also improve customer service.
Modern video surveillance systems help improve on traditional inventory controls by providing an hour-by-hour record of when inventory is delivered to your QSR, how it is used in the restaurant, and if any waste is occurring.
Robbery prevention training is a key element to QSR success. A robbery and the theft of cash not only affect profits of your restaurant but the event can have ongoing consequences including emotional tolls on employees, higher turnover, and a poor reputation for safety. While modern video surveillance cameras are lighter and smaller than their traditional counterparts, it is also important to give potential criminals highly visible cues that they are under video surveillance. By strengthening your physical and operational security with advanced video surveillance and training, you will grow profitability and provide a safer and more secure environment for your customers and employees.
The theft of cash, deposits and food by employees or outsiders will affect the profitability of your QSR. By incorporating loss control programs, analyzing operations and outlining cash management procedures can all help address loss via theft.